As Cardoso sets up task force on remittances
The Federal Government said yesterday it planned to float a Diaspora Bond to attract funds held abroad by Nigerians at home and in the Diaspora.
The Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun disclosed this, yesterday, at his wrap up media briefing at the end of the 2024 Spring Meetings of the IMF and World Bank.
His words, “In terms of remittances, it is certainly one of the ways we can increase supply of foreign exchange and investment in the country.
“There are Nigerians abroad who are doing very well. Even Nigerians in Nigeria with funds abroad that can be counted as remittance and in order to increase the supply of foreign exchange into the economy, government is looking at attracting those funds through a Diaspora kind of instrument.
“A Diaspora Bond and we think that will be attractive enough for Nigerians abroad and for foreign holdings of foreign currencies and look to having a substantial issue later in the year.”
As part of the efforts of the administration to increase foreign exchange inflows, the minister said that that Nigeria has qualified for the processing of a $2.25 billion World Bank facility.
According to him, “Nigeria has qualified for the processing of a total package of World Bank $2.25 billion of, well there is no free money but it is close to a grant for 40 years, moratorium of 10 years and about 1 percent interest. So that is also part of the flow that you can count.
“In addition, there is a similar Budgetary Support, low-interest funding from the African Development Bank and clearly, there are also on-going discussions with foreign direct investors.
“Some of these things take longer than you expect but there are relatively advanced discussions on major foreign direct investment inflows into the country, specific transactions with companies, institutions and authorities”
The Minister said that the Spring Meetings presented an opportunity to engage the international audience on a global stage.
His words, “We have had the opportunity of speaking to international investors, portfolio investors and those international direct investors that will bring what I will describe as quality funding. The kind of funding that builds factories and creates jobs.
“The response from all of them, I can say, without exception is that of greater confidence in the economic management of the country and greater interest and willingness to invest.
“But in addition, not just the international community that we addressed, it is also critical that we are a private sector-driven economy and that is the policy of President Bola Ahmed Tinubu, to encourage private domestic and foreign investment to grow the economy and increase, create jobs and reduce poverty.
“But also we have other partners- the multilateral organisations, development banks, bilateral financiers, grant-givers, foundations such as the Bill & Melinda Gates Foundation and others. The whole eco-system of international finance, we have engaged with all of them.
“We have come away with funding to provide electricity to 300 million people in Africa that the largest portion will come to Nigeria. And you know what the provision of electricity does to increasing productivity and reduce poverty.
“We can also say that we have a bigger say for Africa through an additional Chair on the Board of Directors of the International Monetary Fund. I think it is a major success for Africa as a whole.”
Tacking debt with higher revenue
On debt challenges, he said that revenue remained the only way out and that for Nigeria, the first source of revenue was oil.
The Minister said that oil production has increased from 1.2 million bpd to 1.6 million bpd since President Tinubu came to power.
He said that with a 2 million bpd quota from the Organisation of Petroleum Exporting Countries (OPEC), the administration was looking to ramping production to 2 million, including 300, 000 barrels of condensate.
Cardoso sets up task force to facilitate inflows
The Governor of the Central Bank of Nigeria (CBN) Mr.Olayemi Cardoso disclosed that a task force has been set up to ease the flow of remittances into the country.
His words, “It has indeed been a fruitful few days of engaging with our esteemed international policy counterparts and stakeholders from around the world, as well as Nigeria’s investors. We came here with a very clear agenda and have held highly significant, intentional meetings – each one with an objective to further support the stability and ultimate growth of the Nigerian economy.
“Besides our meetings with multilateral financial institutions, and foreign investor groups with a keen interest on developments in Nigeria, including a critical gathering at the US Chamber of Commerce, we had very productive discussions with leading International Money Transfer Operators (IMTOs), where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term.
“This target is both ambitious and achievable, and we’re wasting no time in setting up a collaborative task force, reporting to myself, to drive progress and address any bottlenecks that hinder flows through formal channels.
In the six months since assuming the position of Central Bank Governor, the challenges have been significant, from grappling with inflation to addressing volatility in the foreign exchange market. However, with relative stability now achieved, particularly in the FX market, we have transitioned from firefighting to strategic planning across key areas.
”These areas include improving the ease of doing business in Nigeria, to consolidate and sustain the gains through an efficient and transparent market system
and boosting financial and economic inclusion for small businesses and households–interrogating all potential ways to leverage smarter use of technology, and remote banking to reduce the cost of transactions and expand accessibility to the financial system.
“April saw the naira emerge as the best-performing currency globally, supported by
bullish sentiment from leading international investment institutions. Our FX market is experiencing robust activities, with turnover reaching levels not seen in over seven years.
“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.
However, we remain vigilant, recognizing the challenges that persist, such as elevated inflation driven by rising food prices, transportation costs, and energy expenses.
“We note that inflation though rising is doing so at a decelerated rate and we are confident will soon commence a fall. Security concerns in food-producing regions an infrastructure challenges also demand attention.
“The CBN has implemented a number of policy reforms to address some of these various pressures and, while I am confident enough today to talk about some of our early success, I am at the same time extremely mindful of our ongoing challenges.
“We still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead,
working hand in hand with our key stakeholders including investors, banks, businesses – and, notably, our counterparts on the fiscal side.
“We have recommitted our stance to orthodox monetary policy, and it is heartening to see the efforts being put up have started yielding results especially in terms of rebuilding trust and confidence in our economy and the leadership.
Diaspora target
“The Diaspora target is to double our current level. This may appear ambitious but I am confident that we will be able to achieve it.
“We have transitioned from fire fighting to strategic planning in key areas. These areas include the improving the ease of doing business in Nigeria.
“To consolidate and sustain the gains of an efficient a d transparent market system and boosting economic inclusion for small businesses and households.
“Interrogating all potential ways to leveraging smarter use of technology and remote banking to reduce to cost of transactions and expand accessibility to the financial system.”
Cardoso on FX market movements
The governor said that movements in the market should be expected but that his team would remain focused on ensuring a transparent stable FX market.
His words “Expect that there will be increases here and there, ups and downs and from what I gathered yesterday, the Naira has again strengthen overnight. So I think the most important thing to say here is that we are doing everything possible to have a stable exchange- exchange rate that finds adequate price discovery level.”
UPDATED: Gov. Otti Revels How Past Govt Paid N107.2bn For Non-existent Projects In Abia State
AFOLABIA forensic audit conducted by an audit firm has revealed how the immediate past government of Abia State approved funds to contractors for the construction of non-existent state-owned airport and other infrastructure.
The Abia State Governor, Dr Alex Otti made the revelation during a presentation at the Johns Hopkins University School of Advanced International Studies, Washington DC, United States.
He spoke on the theme, ‘Dynamics of State Governance, Economic Transition and the Challenges of Seeking to Establish a New Order Amidst Multiple Constraints and Pushbacks.’
Otti said it is difficult to admit how some Nigerian leaders contest elections for reasons shrouded in corruption.

The governor who took over from Okezie Ikpeazu in 2023 explained that some politicians have abused the privilege of governance thereby impoverishing their states.
Otti explained how he engaged one of the top audit firms to examine the state accounts, adding that the auditor uncovered several deals that are shrouded in corruption.
He said, “Talking about corruption, I set up a forensic audit as soon as I took over last year in Abia so that there won’t be any argument, I called in one of the top three audit firms in the world and not too long ago, they sent in their report and some of the things in the report are frightening.
“So, N9.3bn was paid to seven contractors for contracts that were not executed at all up till today. Another N15.9bn- almost N16bn was paid to 63 contractors with no supporting documents anywhere in the State.

“Another N12bn was paid to two contractors for contracts that did not exist. Out of this figure, N10bn was on September 25, 2020- that is almost four years, paid to some contractors for the construction of Abia State Airport.
“We have spent time trying to locate the airport and up till now, we have failed.”
Otti told his audience that one of his aides advised him to seek Artificial Intelligence (AI) in search of the airport.
“So, as we continue to look for our airport, we have also involved security agencies to help us search.”
Otti explained that the N37.2bn spent on ghost projects is what happens when politicians fail to understand the role of governance and economic integration.

According to Otti, a lack of accountability enables “mindless stealing of resources from the people,”. The governor lamented how impoverishing the populace promotes incompetence and damages trust in public institutions.
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He said the evidence of the lack of ingenuity of politicians is how Nigerian states struggle to pay salaries and pensions.
Earlier in April 2024, Otti lamented that the state was plunged into debt of N192bn by his predecessor, Ikpeazu. He further revealed how his predecessor also inherited N34.5bn debt from T.A. Orji.

This report was updated to reflect that N9.3bn was paid to seven contractors and not N79.3bn. The report was also adjusted to reflect that the aggregate figure paid to all the 72 contractors was N37.2bn, not N107.2bn.
[Src: THE WHISTLER]
Media
Aiyedatiwa Declared Winner Of Ondo APC Ticket, Defeats 15 Aspirants In Controversial Primary
AFOLABIGovernor Lucky Aiyedatiwa of Ondo State has secured the nomination of the All Progressives Congress (APC) for the forthcoming November 16 governorship election, following his declaration as the party’s candidate.
Aiyedatiwa clinched the nomination with a resounding victory, amassing a total of 48,569 votes in the primaries. His closest contender, Mayowa Akinfolarin, trailed behind with 15,343 votes, while Chief Olusola Oke secured the third position with 14,865 votes.
The announcement was made by the Chairman of the Governorship Primary Election Committee and Governor of Kogi State, Ahmed Ododo. Governor Ododo, reflecting on the competitive nature of the primaries, highlighted the rigorous contest that characterized the electoral process.
The primaries, held across the 18 council areas of Ondo State, witnessed fervent participation from party members and supporters.
With the nomination secured, Aiyedatiwa and the APC now shift their focus to consolidating support and rallying behind their candidate as they prepare to face off against opponents in the November election.
Returning officer in lfedore, Oliver Okpala said violence marred the exercise in the area, hence no voting in all the wards.
Speaking before the party’s electoral officers reeled out the results from the 18 council areas, Governor Usman Ododo said, “Let’s remember that the real election lies with all of us as members of this great party, the All Progessives Congress.
“We must always reflect on the words of our father and leader, President Bola Tinubu, who has maintained that a political contest is a quest to serve by brothers and sisters from the same family but leaving in the same room and must therefore live in the same house after the election has been won and lost.
“In our own room today, we are all in the same room as a family, and as such, we have no need to abandon the party, irrespective of today’s outcome.
” We must set aside our differences and unite behind our candidate.
“In our unity, we shall continue to find strength, and our victory lies in our solidarity as party men and women.”
RESULTS
Total number of voters 117922
Total number of accredited voters 95,178
Total votes cast 95178
Invalid- Nil
Jimi Odimayo 490
Omogoroye Judith 115
Aiyedatiwa 48,569
Kekemeke 1045
Soji Ehinlanwo 492
Olugbenga Edema 395
Jimoh lbrahim 9456
Adekojo Funmilayo 529
Akinfolarin Samuel 15343
Wale Akinterinwa 1952
Olusola Oke 14,915
Olamide Ohunyeye 424
Morayo Lebi 290
Diran lyantan 348
Prof Dayo Faduyile 353
Ife Oyedele 462
1:ILAJE LG
Lucky Aiyedatiwa 2,485
Wale Akinterinwa. 26
Olusola Oke. 2,511
Jimoh Ibrahim 589
2: Ile Oluji/Okeigbo
Jimoh Ibrahim: 282
AIYEDATIWA: 1225
WA: 474
3: Ondo West LG:
Jimoh Ibrahim: 2668
AIYEDATIWA: 10610
4: ESE-ODO LG
Aiyedatiwa 298
Akinterinwa 0
Oke 147
Jimoh Ibrahim 174
5: OWO LG
Aiyedatiwa 2,123
Akinterinwa. 345
Oke 225
Jimoh Ibrahim 192
6: IDANRE LG
Aiyedatiwa 1, 579
Akinterinwa 119
Oke 225
Jimoh Ibrahim 120
7: AKOKO NORTH EAST LG
Aiyedatiwa 1, 664
Akinterinwa 135
Oke 138
Jimoh Ibrahim 505
8: AKOKO NORTH WEST LG
Aiyedatiwa 5, 430
Akinterinwa 198
Oke 2, 721
Jimoh Ibrahim 728
9: AKOKO SOUTH EAST LG
Aiyedatiwa 2, 533
Akinterinwa 43
Oke 391
Jimoh Ibrahim 67
10: AKOKO SOUTH WEST LG
Aiyedatiwa 2, 747
Akinterinwa 272
Oke 415
Jimoh Ibrahim 466
11: NO RESULT FOR IFEDORE LGA.
ALL ASPIRANTS SCORED ZERO ACCORDING TO THE RETURNING OFFICER DUE TO AN ALLEGED SHOOTING.
12: OSE LG
Aiyedatiwa 1, 091
Akinterinwa 39
Oke 800
Jimoh Ibrahim 267
13: IRELE LG
Aiyedatiwa 1, 203
Akinterinwa 15
Oke 93
Jimoh Ibrahim 139
14: ODIGBO LG
Aiyedatiwa 2, 631
Akinterinwa 114
Oke 138
Jimoh Ibrahim 845
15: AKURE NORTH LG
Aiyedatiwa 2, 860
Akinterinwa 177
Oke 1, 239
Jimoh Ibrahim 1, 606
16: AKURE SOUTH LG
Aiyedatiwa 3, 265
Akinterinwa 86
Oke 328
Jimoh Ibrahim 294
17 OKITIPUPA LG
Aiyedatiwa 1, 622
Akinterinwa 27
Oke 1, 571
Jimoh Ibrahim 109
18: ONDO EAST LG
Aiyedatiwa 4, 803
Akinterinwa 141
Oke 1, 171
Jimoh Ibrahim 406
All Progressives Congress (APC) stakeholders have stressed the need for the Lagos State chapter of the party to give its governorship ticket to former Governor Akinwunmi Ambode in 2027, asserting that he possessed the Midas touch to transform the state if given the opportunity again.
This assertion comes in response to a call by an Islamic human rights organization, the Muslim Rights Concern (MURIC), stating that the next governor must be one of their own, a Muslim.
Speaking on behalf of the stakeholders in Lagos, Dr. Oluwaseyi Bamigbade said the call became imperative because Ambode’s four-year tenure as governor from 2015 to 2019 witnessed massive infrastructure development in the state.
Bamigbade, while making the call, noted that numerous groups were consistently yearning for Ambode’s return in 2027 to continue his Midas touch in Lagos’ development agenda. He expressed the belief that Ambode should be given the opportunity for a second term in the Government House as permitted by the constitution.
The APC chieftain recalled that Ambode, as governor, remodeled the state within four years in office, making it an investment destination for big businesses from within and outside the country.
Furthermore, he stated that the former governor significantly impacted the lives of millions of Lagosians during the same period, causing a paradigm shift by extending government attention from urban centers to the suburbs. Ambode opened up narrow roads, transforming them into modern streets with lights that also connected to arterial highways. This approach to project execution facilitated seamless traffic flow on expressways.
The Bola Tinubu-led Federal Government is set to roll out the first set of critical assets for the deployment and launch of the Compressed Natural Gas (CNG) initiative.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known in a statement on Sunday in Abuja.
He said President Tinubu launched the Presidential CNG Initiative in October last year and approved the set up of a committee led by Michael Oluwagbemi, an oil and gas expert.
Onanuga said the government provided N100 billion (part of the N500 billion palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.
The presidential aide said over 600 buses are targeted for production in the first phase, which will be accomplished this year and to mark the president’s first year in office on May 29.
The statement reads: “The Federal Government, as part of the many intervention programmes to reduce the burden of the increase in pump prices on the masses, provided N100 billion (part of the N500 billion palliative budget) to purchase 5,500 CNG vehicles (buses and tricycles), 100 Electric buses, and over 20,000 CNG conversion kits, alongside spurring the development of CNG refilling stations and electric charging stations.
“After months of detailed planning and background work, the committee driving the initiative is set to deliver on President Tinubu’s vision and promise.
“Already, the committee, being led by Michael Oluwagbemi, an oil and gas expert, has delivered some major foundational reforms to enable the new CNG and Electric Vehicles future the President promised. All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.
“With necessary tax and duty waivers approved by President Tinubu in December 2023, the PCNGI committee is partnering with the private sector to deliver the promise of the initiative. The private sector has responded with over $50 million in actual investments in refuelling stations, conversion centres, and mother stations.
“Also, a safety policy document outlining 80 standards and regulations that operators must strictly adhere to has been developed and approved to ensure CNG conversions are done safely and reliably.
“The deployment of CNG buses and tricycles and the vision to get at least one million natural gas-propelled vehicles on our roads by 2027 will mark a major energy transition in our country’s transportation industry. The use of more expensive diesel and PMS will gradually be phased out, when many vehicles, including trucks run on natural gas, which our nation has in abundance in at least 30 out of the 36 states of the federation.
“As studies have shown, one of the main causes of air pollution is primarily the amount of gases emitted by gasoline and diesel engines. To reduce pollution, some countries of the world, such as India, China, Iran, Pakistan, Brazil, Argentina, and Italy, have built fleets of natural gas-powered vehicles instead of going the route of relying on liquid petroleum products and propelled vehicles. Natural gas vehicles reduce tailpipe emissions by up to 40 per cent, and Nigeria’s commitment to this course will enable her to meet her nationally determined commitments (NDCs) under the Paris Climate Accord, to which we are signatories.
“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles. Remarkably, the Tinubu administration, in driving the nation to the desired destination, has flagged open a new industry, along with thousands of new jobs.
“Four plants owned by JET, Mikano, Mojo, and Brilliant EVs located in various parts of the country are involved in assembling the Semi-Knocked-down (SKD) components of the CNG buses. JET, which has received the SKD parts, is coupling the buses in Lagos and is working towards delivering 200 units before the first anniversary of the Tinubu administration.
“Brilliant EV will assemble electric vehicles. It is awaiting the SKD parts, which will arrive in due course. The electric vehicles it will produce are meant for states such as Kano and Borno, which do not have access to CNG for now. They will also be available in key Nigerian cities and university campuses. It must be noted that soon-to-be-completed gas pipeline projects initiated by the Buhari administration and being completed by NNPCL (the AKK Pipeline) will take gas into the hinterlands of North East and North West, where there is current paucity.
In all, over 600 buses are targeted for production in the first phase, which will be accomplished this year. A new plant on the Lagos-Ibadan Expressway will assemble thousands of tricycles. The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and are expected to arrive early in May. About 2,500 of the tricycles will be ready before May 29, 2024.
“Thousands of conversion kits for petrol powered buses and taxis that want to migrate to CNG are also ready with CNG cylinders. The Federal Government intends to provide them at subsidized rates, especially to commercial vehicle drivers to bring down the cost of public transportation.
“As part of private sector collaboration, NIPCO and BOVAS are involved in offering refilling services for the CNG vehicles and also serving as conversion centres. NIPCO is setting up 32 stations nationwide to offer the services. The company has completed the set up of four of the CNG stations. Likewise, BOVAS is setting up eight stations in Ibadan, two each in Ekiti, Abuja and four in Ilorin. MRS is also involved. It is making efforts to announce where its refilling stations and conversion centres will be.
“The NNPC Limited, which had launched an on-and-off CNG initiative in the past, is joining the new initiative. It is expected soon to announce the locations for CNG refilling and CNG conversion centres nationwide.
“In addition, the PCNGI is working with 22 other agency partners, including the Standards Organisation of Nigeria(SON) and Nigeria Automotive Design and Development Council to deliver 80 Natural Gas Vehicle Conversion and Associated Appliances Standards for the country.
“For proper monitoring, PCNGI will also launch MYCNG.NG App. The app will embed the Nigeria Gas Vehicle Monitoring Systems, which will show CNG conversion and refuelling sites in the country.
“The Tinubu administration is an enabler of the evolving CNG industry. In collaboration with the private sector, the PCNGI is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of this year.
“The vision of Mr. President to deliver one million gas vehicles cannot be possible without the private sector, including the RTEAN, NARTO, NURTW, and players in the downstream sector of the transportation chain and financiers.”
The Joint Admissions and Matriculation Board on Sunday announced that it has sanctioned some officials over the harassment of a female Hijab-wearing candidate.
The female candidate who sat her Unified Tertiary Matriculation Examination at the Bafuto Institute, Ile-Iwe Bus Stop, Ejigbo, Lagos was said to have been asked to remove her headcover during the accreditation process before being allowed into the examination hall.
Addressing the issue in a statement signed by the Head of Public Affairs of the Board, Dr. Fabian Benjamin, the Board noted that it deeply regretted the incident.
It said on investigation, it discovered that the incident or others in the past were not linked to any of its examination guidelines but rather a product of the misplaced priority of some of the Board’s accredited partners or officials who claimed ignorance of the its guidelines on accreditation.
The statement read, “This situation was instantly addressed by a senior official of the Board at the center and the candidate in question was allowed in after the usual checks with her hijab.
“However, since ignorance of the law is not an excuse, the officials have been appropriately sanctioned to serve as a deterrent to others, who might wish to toe the same line going forward.
“It is worthy of note that the Board, as a national institution, has no policy barring candidates from sporting the religious paraphernalia peculiar to their religious persuasions as these are the facts of everyday life in Nigeria, which everyone should have been familiar with by now.”
Furthermore, the Board assured the general public that the issue would be properly investigated as to prevent a recurrence.
“The Board is committed to the discharge of its statutory role of ensuring that suitably qualified candidates are selected for admission into the nation’s tertiary institutions and would not allow anything or anyone to detract it from the pursuit of this noble goal,” it reiterated.
Meanwhile, the conduct of 2024 UTME, which commenced on Friday, 19th April 2024, has been marred with reports of technical glitches as over 1.2 million candidates would have successfully taken the examination by Monday, 22nd April 2024.
The All Progressives Congress (APC) has reacted to the fresh suspension of the party’s national Chairman, Abdullahi Umar Ganduje from the party.
Naija News earlier reported that another APC faction had also suspended Ganduje.
Reacting to the development on Sunday, the chairman and secretary of Ganduje ward in Dawakin Tofa local government of Kano state, Ahmed Muhammed Ganduje and Usaini Jibrinn said no new election was conducted by the state or national body of the APC.
Speaking via a statement made available to Naija News, the duo said the sponsored group could not do their homework properly by using a fake or uncertified headed paper on which they drew a list of non existing party executive.
“To the best of our knowledge, as executive members of Ganduje ward of the APC, there was no new election of new leadership of our party. We remain the same executive of the ward,” the statement added.
The executive members subsequently called on the national body to facilitate the arrest and persecution of the group for impersonators attempting to cause persecution of the group for impersonation.
They also called on party members to disregard such propaganda aimed at disrupting the party.
The Federal Government is looking forward to receiving around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank (AfDB).
Minister of Finance, Wale Edun disclosed this during the press briefing at the end of Nigeria’s activities at the World Bank/IMF Spring Meetings in Washington DC, the United States on Saturday.
While speaking on the sources of international funding to the Nigerian economy, the Minister listed diaspora remittances, foreign portfolio investments and facilities from the World bank and other international development partners.
- He stated, “We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.
- “In addition, there is a similar budgetary support – low-interest funding from the African Development Bank (AfDB) and, clearly, there are also ongoing discussions with foreign direct investors across many sectors.”
Edun also tapped issuing dollar-denominated securities specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria as another measure to attract forex inflows into the country.
He disclosed that the Federal Government hopes to issue the bonds later this year.
Efforts of fiscal side of the economy to spur growth
Furthermore, the Minister highlighted the efforts of the fiscal side of the economy in complimenting the recent monetary policy reforms by the Central Bank of Nigeria (CBN).
According to the Minister, the issuing of government securities at an interest rate closer to the CBN’s monetary policy rate (MPR) is an indication of the collaboration between both sides of the economy in tackling inflation in the country and attracting forex inflows.
He listed the agricultural sector as one area the Bola Tinubu administration is looking to spur growth in the medium term, noting that efforts in that area include the distribution of fertilisers and seeds to reduce food prices and enhance food security.
Other programs, according to the Minister, are: increasing power generation to about 6000 megawatts within six months, provision of infrastructure especially housing with the goal of making low-interest mortgages available to Nigerians, revamping of the social investment program and proposed economic stabilisation plan.
[Nairametrics]
President Bola Tinubu will on Monday, April 22, open the African Counter-Terrorism Summit in Abuja.
The Special Adviser to President Tinubu on Media and Publicity, Ajuri Ngelale, made this known in a statement on Sunday in Abuja.
He said Nigeria, with the support of the United Nations Office of Counter-Terrorism (UNOCT), is organizing a high-level African counter-terrorism summit under the theme, ‘Strengthening Regional Cooperation and Institution Building to Address the Evolving Threat of Terrorism’, in Abuja, from April 22 to April 23.
Ngelale stated that the objective of the summit is to enhance multilateral counter-terrorism cooperation and reshape the international community’s collective response to terrorism in Africa while emphasizing the importance of African-led and African-owned solutions.
He disclosed tha the summit will provide a platform to review the nature and severity of the threat of terrorism on the continent, with a view to agreeing on concrete strategic priorities and measures to address this scourge.
Ngelale added that the summit will also foster deeper regional collaboration, enhancing the institutional capacity of member states and facilitating the exchange of best practices and knowledge to combat the multifaceted threat of terrorism in Africa.
The statement added: “Heads of state and government and high-level government officials across Africa, representatives of international organizations and multilateral institutions, members of the diplomatic corps, and members of civil society groups are expected to attend the summit.
“Ms. Amina Mohammed, the United Nations Deputy Secretary-General, will attend the event.
“Mallam Nuhu Ribadu, National Security Adviser, and Mr. Vladimir Voronkov, the Under-Secretary-General for Counter-Terrorism, UNOCT, will deliver the concluding remarks at the end of the summit.”
[NaijaNews]
The All Progressive Congress (APC) in Kano State has once again labelled the recent suspension of the National Chairman of the party as another case of impersonation.
The Secretary of the party in the State, Ibrahim Zakari Sarina, made this known while speaking to our reporter via phone call.
Daily Trust had reported that the crisis rocking the party in Kano took a new twist when new executives emerged from Ganduje’s ward and issued fresh suspension to acting National Chairman of the party, Dr. Abdullahi Ganduje.
Last week, Ganduje was suspended by another faction of the party executives in his ward.
However, in yet another twist, the group led by the secretary of the ward, Jaafar Adamu, on Sunday said 11 out of the 27 executive members of Ganduje ward were the legitimate ward excos legally elected on 31st July, 2021.
Adamu said a fresh suspension had been slammed against Ganduje.
But reacting to the development, Sarina said it is still a case of impersonation sponsored by some elements who were not legitimate executives in Ganduje Ward.
While acknowledging some of the said Ward executives to be party members, he said they were not executives and did not hold any position in the party at any level.
“It is a case of impersonation still, they were also sponsored to come out and did it late evening on Saturday. We were called and told that this is what is happening.
“Some of them are party members of the APC but have never in any way been Executives nor held any position. Even the so-called Chairman has never been an executive.”
Sarina added that the party in the State was working towards bringing the real and genuine party executives to clear the air soon.
[DailyTrust]
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Despite a successful burial ceremony for the former Anambra state governor, Dr. Chukwuemeka Ezeife, organized by Governor Chukwuma Soludo, tension allegedly rose between the Igboukwu community and the governor due to alleged violations of the state’s burial laws.
Ezeife, who died few months ago, was buried on Saturday at his Igboukwu country home in Aguata local government area of the state.
However, Anambra state governor, Prof. Chukwuma Soludo, is not happy that despite the existing law in the state, the kinsmen of Ezeife went ahead, ignoring the government’s earlier warning
During the burial, the family printed brochures, banners, flexes among other things that made the burial more expensive, which were against the burial law of the state.
The Anambra burial law was passed by the state house of Assembly and signed into law by the former governor Willie Obiano in 2019
Soludo said: “Okwadike that I knew was a stickler for process, for the law and that’s why he held Nigeria accountable to observe the principles of the federal character in everything because he believed in the law.
“So all these fanfare that make burial very expensive, run contrary to the Anambra burial law which was passed three years before I became governor. I didn’t pass it. It has been there. It is the law.
“Those things that play no role should be avoided. All that is required is for us to respect the dead. We have given Okwadike for God to grant him eternal rest as we lay him to rest in accordance with Anambra burial law.
“That law also says that all burial funerals, condolences must be for one day. You don’t have a waiver for laws, you can only waive for rules.
“You either obey the law or amend it. Once it remains the law, it is to be obeyed. And that’s not the society that Okwadike dreamt of. The foundation we are working on, is the one he left for us” Soludo said.
However, two of Ezeife’s kinsmen, who spoke with The Nation, said the governor was on his own on the burial law of Anambra state, describing Ezeife as a national figure and not a local man.
The High chief, who did not want to be mentioned, warned Soludo not to cause the body of Ezeife not to rest in peace.
A lawyer from Ezeife’s community, commended Soludo for his support in the late Octogenarian’s burial, but warned him to desist from raising such issue in Okwadike’s burial.
“Yes, we know the law, but the great man is not the type of person you expect to bury like a fowl, though, law is for big and small, but Soludo should think twice” he said
The Nation, gathered Sunday that Soludo is already, preparing a document to be served on the Ezeife family very soon for flouting the burial right, despite his earlier warning.
[TheNation]
The Socio-Economic Rights and Accountability Project has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Nyesom Wike, to account for the spending of Federal Account Allocation Committee allocations to states and the FCT since 2019.
It also asked them to provide and widely publish documents on the spending of FAAC allocations received by their states and the FCT since 1999.
The Federal Account Allocation Committee is responsible for reviewing and adopting the allocation of funds to states and the Federal Government of Nigeria.
The requests followed reports that the committee disbursed N1.123 trillion to the federal, state, and local governments for March 2024 alone.
The breakdown showed states collected N398.689 billion.
SERAP’s request was contained in the Freedom of Information inquiry dated April 20, 2024, and signed by its Deputy Director, Kolawole Oluwadare.
“Without this information, Nigerians cannot follow the actions of their states and the FCT, and they cannot properly fulfil their responsibilities as citizens.
“Trillions of FAAC allocations received by Nigeria’s 36 states and the FCT have allegedly gone down the drain. The resulting human costs directly threaten the human rights of socially and economically vulnerable Nigerians,” it said.
It added that publishing the documents would enable Nigerians to meaningfully engage in the implementation of projects executed with the FAAC allocations collected.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.
“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel you and your state and the FCT to comply with our requests in the public interest,” it added.
The FoI requests read in part, “Secrecy in the spending of FAAC allocations received by your state and the FCT is entirely inconsistent and incompatible with the Nigerian Constitution 1999 [as amended] and the country’s international anti-corruption obligations.
“Secrecy in the spending of FAAC allocations received by your state and the FCT also denies Nigerians the right to know how public funds are spent. Transparency in the spending would allow them to retain control over their government.
“The documents should include the evidence and list of specific projects completed with the FAAC allocations collected, the locations of any such projects, and completion reports of the projects.
“The documents should also include details of the salaries and pensions paid from the FAAC allocations collected, as well as the details of projects executed on hospitals and schools with the FAAC allocations.
“Despite the increased FAAC allocations to states and FCT, millions of residents in your state and the FCT continue to face extreme poverty and lack access to basic public goods and services.”
[Punch]
…says Damagum’s survival is not defeat for Atiku or victory for Wike, it’s for the interest of PDP
The Senate Minority Leader, Senator Comrade Abba Patrick Moro, PDP, Benue South has given insight why the MInister of the Federal Capital Territory Administration, FCTA, Nyesom Wike was allowed to attend the National Caucus meeting of the Peoples Democratic Party, PDP, preparatory to last week’s National Executive Committee, meeting of the party.
According to Moro, there was no way Wike would have been stopped from attending the meeting since he has not been found guilty of any crime and penalized by the party.
The Minority leader said that if the party’s disciplinary committee, headed by former President of the Senate, Senator Bukola Saraki found Wike guilty of the alleged antiparty activities and have him sanctioned, he would stop attending the party’s meetings.
Moro said the survival of Amb. Umar Lliya Damagum as Acting National Chairman of PDP was not a victory or defeat for anybody but a decision that was unanimously agreed on by the relevant stakeholders for the party to forge ahead.
Senator Moro’s reaction was against the backdrop of rumours in some quarters that Amb. Damagum’s survival, against call for his resignation, was victory for the former governor of River State, Nyesom Wike, and a defeat for PDP Presidential candidate in the 2023 general elections, Atiku Abubakar.
In a statement on Sunday by his Media Adviser, Emmanuel Eche’Ofun John, Senator Moro said the activities and inactivities of PDP should not be translated to Atiku and Wike.
He said the whole issue was not about victory or defeat for anybody but about PDP; about providing an alternative formidable platform for Nigerians to look up to.
Moro said, “We cannot translate the entirety of PDP’s activities and inactivities to Wike and Atiku, out of millions of other members of the party across the country who also have their own thinking and reasons for being in the party.
“The whole issue was not about Wike or Atiku, or victory for Wike or defeat for Atiku, the issue was existential.
“We came together and reasoned together, that in the present scenario where Nigerians are hurting due to the maladministration of the APC government, what do we do to provide an alternative platform for Nigerians to look up to? In that circumstances, we decided to thread with caution so that we dont throw away the baby with the bath water,” he said.
On why the National Caucus of the party allowed Nyesom Wike into their meeting, the Minority Leader said, “The constitution of our party is very clear on who is a member and who is not a member of the caucus of the party and I dare say, at this point, that as a former governor who is still a member of the party, Nyesom Wike is a member of the National Caucus of the party.
“If actions had been taken immediately after the elections and people who are perceived to have acted contrary to the desires and yearnings of the PDP have been sanctioned, then we can say that having been expelled or suspended, you can’t be here, but as it is, non of such actions has been taken, so you can’t just ban people from attending meetings.
“One of the fallouts of the last NEC meeting was the resuscitation of the Reconciliation and Disciplinary Committee, which is saddled with the responsibility of identifying the area of antiparty and the dramatis personae involved in the activities, and recommend appropriate punitive measures against those who have been found guilty to serve as deterrent to future occurrence.
“Unfortunately, that hasn’t been done, and so to that extent, as a voluntary organization, if the members involved insist they are still members of the party, until actions are taken by the Reconciliation and Disciplinary Committe we want to take that they are still members of the party.”
On expectations from the next NEC meeting scheduled for August 15 as it concerns the position of the National Chairman of the party, Moro who noted that the party’s constitution had a well spelt out succession plan, said, “The constitution of our party has a well spelt-out succession plan. Section 35 (3C) states that where a vacancy exists, someone from the zone of the immediate past occupier of the office shall be appointed by NEC to complete the tenure of the person who vacated the office.
“For the position of the National Chairman, we will look at the succession plan of the party, in accordance with the constitutional provisions, and produce a replacement for Senator Iyorchia Ayu from North Central now that he has heeded to our plea and withdrawn his case from the court. We will go to the next NEC meeting with open minds and invoke the relevant sections of the constitution to produce his replacement.”
Senator Moro who appealed to members and stakeholders of the party to have some level of circumspection and restraints in their actions and utterances so as not to further polarize the party, assured that everything humanly possible would be done to put the party on its winning ways, to rescue Nigerians from the grinding poverty and sufferings that the ruling APC has plunged them into.
[Vanguard]
Naira, Nigeria’s currency is set to stabilise further as the Central Bank of Nigeria (CBN) has agreed with the International Money Transfer Operators (IMTOs) and foreign investors to double remittance flow in the country, in the short to medium term.
To achieve this, the CBN said it is setting up a tax force that will ensure that all hindrances to the foreign inflows are addressed.
Olayemi Cardoso, governor of the CBN, disclosed this at a joint press conference of the ministry of finance and the CBN in Washington D.C. at the International Monetary Fund (IMF)/World Bank meetings.
Foreign exchange inflows to Nigeria rose to $2.3 billion in February, the central bank according to the CBN, driven by renewed interest from foreign investors and a rise in overseas remittances.
According to Statista the personal remittances received in Nigeria increased by 0.7 billion U.S. dollars (+3.59 percent) in 2022. In total, the personal remittances received amounted to 20.13 billion U.S. dollars in 2022.
Remittances are flows of money between immigrants and their relatives. They refer to personal transfers between resident and non-resident individuals, and the compensation of employees who are employed in an economy where they are not resident, and of residents employed by non-resident entities.
“Besides our meetings with multilateral financial institutions, and foreign investor groups, with a keen interest on developments in Nigeria, including the US Chamber of Commerce, we had very productive discussions with leading international money transfer operators IMTOs, where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term.
“This target is both ambitious and achievable. And we are wasting no time in setting up a collaborative Task Force reporting to myself to drive progress and address any bottlenecks that hinder flows through formal channels,” Cardoso said.
The naira weakened by the most in over a month at the parallel market on Friday, ending a rally since late March that had made the currency the world’s best performer.
A dollar sold for N1,230 in street trading on Friday, a 17 percent decline compared to N1,050 the previous day.
Traders say there was an uptick in demand on the day but still expect the naira to pare the losses in the coming days.
The naira also depreciated at the official market to N1,169.99 against the dollar on Friday — a 1.38 percent drop from the N1,154.08/$ rate on April 18.
He said in the six months since assumed the position of Central Bank governor, the challenges have been significant from grappling with inflation to addressing volatility in the foreign exchange market.
“However, with relative stability now achieved particularly in the foreign exchange market, we have transitioned from firefighting to strategic planning across key areas.
“These areas include improving the ease of doing business in Nigeria to consolidate and sustain the gains through an efficient and transparent market system and boosting financial and economic inclusion for small businesses and households. Interrogating all potential ways to leverage smarter use of technology and remote banking to reduce the cost of transactions and expand access accessibility to the financial system,” Cardoso said.